Lenz law is based on which of the following conservation

The correct option is Energy.

Lenz's law states that the direction of the induced current in a conductor, caused by a changing magnetic field, is such that it creates a magnetic field that opposes the change that produced it.

To understand why this is a consequence of the law of conservation of energy, let us analyze the physical scenario:
When a magnet is moved toward a conducting loop, an electric current is induced in the loop.
According to Lenz's law, the induced current creates a magnetic field of its own. This induced magnetic field opposes the motion of the approaching magnet.
Because of this opposition, an external force must do work to push the magnet against the repulsive force. This mechanical work done in moving the magnet is converted into electrical energy, which appears as the current in the loop (and subsequently as heat energy due to resistance).

If Lenz's law did not hold and the induced current instead aided the change (i.e., attracted the magnet), the magnet would accelerate towards the loop without any external work. This would lead to a continuous increase in both the kinetic energy of the magnet and the electrical energy in the loop, creating energy out of nothing, which violates the law of conservation of energy.

Therefore, Lenz's law is a direct consequence of the conservation of energy.